Mark Cuban owns 3,250 dogecoins which he bought with his 11-year-old son, the tech billionaire said in a tweeter the Saturday.
On top of that, he said, he receives influxes of dogecoins from the sale of tickets and merchandise for the Dallas Mavericks, the NBA team he owns. In March, Cuban declared his NBA team the world’s largest dogecoin dealer.
The host of “Shark Tank” said that since dogecoin is mined on a fixed schedule, it could become a workable payment mechanism.
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Cuban, known for investing in unique companies without relying too much on the stock market, predicted that stocks will one day be traded through the blockchain.
The recognized Saturday that while dogecoin may not find long-term support, users could take it in a new direction from its original intention.
“Like all generational technologies, it takes a generation to grow”, he said. “Crypto is in the phase where users need to be educated and products and services need to be sold and keep their original promises. Then Crypto can mature to the point where we’ve wondered how we’ve ever lived without it. “
Dogecoin was trading 5% lower on Monday, at $ 0.50, but is up over 10,000% this year. Cuba’s dogecoin holdings, aside from NBA team income, are believed to be around $ 1,690 on Monday.
The memes-inspired digital asset has come under pressure because of a series of events linked to billionaire Tesla CEO Elon Musk. He recently suggested that dogecoin could replace bitcoin payments for Tesla vehicles.
Dogecoin is one of the less stable cryptos in the market, according to Anthony Denier, CEO of the Webull trading platform. “Since many people associate Doge with [Musk], any comments he makes about cryptos in general will affect Doge, ”he said. Additionally, bitcoin leads the crypto market, so for most cryptos, no matter how bitcoin moves, they follow. ”